Abacus CPA LLC’s Post

💡 Don’t Miss Out on These Lesser-Known Tax Deductions! 💸 Most people know about standard deductions like mortgage interest, but what about these hidden gems? ✅ Home Office Deduction: If you work from home, you may be able to deduct a portion of your rent, utilities, or internet. ✅ HSA Contributions: These not only reduce your taxable income but also grow tax-free! ✅ Continuing Education Costs: Workshops or classes to advance your career? Deductible! ✅ Charitable Contributions: Donated items or volunteer-related expenses could qualify. ✅ Medical Expenses: If they exceed 7.5% of your income, you might get a tax break! 💰 Don’t leave money on the table! A professional tax preparer can help you find deductions you may have missed. 👉 Let us help maximize your savings! Schedule a consultation today. #TaxTips #TaxSavings #TaxSeason #MaximizeYourRefund #LotusTaxGroup #FinancialFreedom

If you’re a gambler, here’s what you need to know: ❌ You can’t simply net gambling losses against winnings anymore. ✅ Losses are only deductible if you itemize your deductions — and most people don’t itemize because the standard deduction is higher. This means gambling winnings could be fully taxable, even if you lost more than you earned. 💡 Planning Tip: If you have significant gambling winnings, consider itemizing by leveraging: ✔️ Charitable contributions ✔️ Mortgage interest ✔️ Property taxes ✔️ Medical expenses With proper planning, you can reduce the tax hit. Need guidance? Let’s connect.

You've probably heard that taking a home office deduction or rounding numbers on your tax return can increase your chances of an audit... but here are some things that will DEFINITELY be flagged in the IRS's system: 🚩 Underreported Income The IRS has a document matching system that pairs the document your employer/payor files with them with the number you report on your tax return. When these two numbers don't match, it flags in their system! 🚩 Inconsistent Deductions If you are only reporting that you made $40,000, but you've also reported that you made $20,000 in charitable deductions, this could be flagged as inconsistent. #equine #vetlife #petcare

Can You Deduct Gambling Losses? 🎰 Here's what you need to know 👇

You've probably heard that taking a home office deduction or rounding numbers on your tax return can increase your chances of an audit... but here are some things that will DEFINITELY be flagged in the IRS's system: 🚩 Underreported Income The IRS has a document matching system that pairs the document your employer/payor files with them with the number you report on your tax return. When these two numbers don't match, it flags in their system! 🚩 Inconsistent Deductions If you are only reporting that you made $40,000, but you've also reported that you made $20,000 in charitable deductions, this could be flagged as inconsistent. #equine #vetlife #petcare

Here are three overlooked tax savings strategies to consider as a business owner. 1. If you run your business from home, you may be eligible to claim a portion of your household expenses, such as rent, utilities, and internet. 2. The tax benefits of eligible charitable donations are available and you may earn tax credits which can lower the amount of tax you owe.   3. Open a HSA (Health savings account). The amount you contribute to an HSA is tax-deductible.  Always consult with a tax professional to advise you on money saving strategies that will fit your specific tax situation. Whichever tax strategy you embark on, don't do it alone! Get the best advice available from your tax professional before you make a move.  Book a call today! 🌐 marjorielmcpikecpa.com 📞 844-427-2523 🗓️ calendly.com/mlmcpa #Wealth #taxaccountant #taxconsultant #taxstrategist #taxstrategies #taxpreparation #cpa #cpalady #womeninbusiness #blackownedbusiness #taxdeduction #taxtips #mycpaisblack #taxpreparer #taxfree #incometaxes #smallbusiness #businessmoves #cpaccess #taxprep #taxhelp #taxprofessionals #financetips #incometax #moneymanagement #investmentstrategies #investingforbeginners #investnow #certified #financialeducation

The end of the tax year is approaching fast! There are several ways to ensure you minimise your tax liability. Here's the first of our top tips to save tax by the year end. Personal Allowances We each have an annual personal allowance of £12,570. This amount includes all sources of income, such as salary, self-employed profit, dividends, rental fees and pension payments. The exception is ISA interest. It’s important to note that you lose your personal allowance if you earn over £100,000. Pension contributions and charitable donations can protect your allowance. If you'd like to know more, please ask us for details. Contact us on 01462 791079 or email info@hargreavesowen.co.uk. Let's talk. . . . #tax #accountant #taxtips

Selling your business? When saving state income tax isn't an option, here's one of our go-to methods to reduce your tax bill. It's called a CRUT or a Charitable Remainder Unitrust. Here are some of the benefits: A Charitable Remainder Unitrust (CRUT) offers several income tax benefits: Immediate Partial Income Tax Deduction: When you create a CRUT, you can claim a charitable income tax deduction based on the present value of the remainder interest that will eventually go to charity. Avoidance of Capital Gains Taxes: If you transfer appreciated assets (like stocks or real estate) into the CRUT, you can avoid paying capital gains taxes on the sale of those assets. Tax-Exempt Status: The trust itself is tax-exempt, meaning it does not pay income tax on the earnings from the assets within the trust. This allows the trust to grow more efficiently. Income Payments: The income you receive from the trust is taxable, but it can be spread out over many years, potentially lowering your overall tax burden. Using a Charitable Remainder Unitrust can give you tax-free liquidity now and spread your income tax burden over many years. Who should consider this? Younger taxpayers that can draw from the trust for 30+ years. People that are okay with leaving some money to charity when they die. What do you think? Is a CRUT worth it? #taxplanning #estateplanning #savings

As we approach the end of the year, it’s the perfect time to review your finances and set yourself up for success in the new year. Here are key tasks to tackle before the ball drops: ✔️ Maximize Contributions: Add to your 401(k) or IRA to take full advantage of tax benefits. ✔️ Review Investments: Rebalance your portfolio to stay aligned with your goals. ✔️ Charitable Giving: Donate to causes you care about while benefiting from potential tax deductions. ✔️ Use Flexible Spending Accounts (FSAs): Spend remaining funds to avoid losing them. ✔️ Tax Planning: Review deductions, credits, and any tax-saving opportunities. A little planning now can make a big difference for your financial future. Ready to get started? Contact us at M3Wealth.com #FinancialPlanning #YearEndChecklist #RetirementGoals #MoneyManagement